{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='ECB chief Draghi, Chancellor Merkel comment on future of euro' data-url='/boclips/videos/5c54bb1ad8eafeecae1228c9' data-video-url='/boclips/videos/5c54bb1ad8eafeecae1228c9' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nECB chief Draghi, Chancellor Merkel comment on future of euro\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThe head of the European Central Bank (ECB) on Tuesday sought to win a sceptical German audience over to his plans to buy potentially unlimited amounts of government bonds to help the continent's most indebted states survive the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThe head of the European Central Bank (ECB) on Tuesday sought to win a sceptical German audience over to his plans to buy potentially unlimited amounts of government bonds to help the continent's most indebted states survive the financial crisis.\u003cbr/\u003eMario Draghi, addressing the annual conference of Germany's main industry lobby group, the Federation of German Industries in Berlin, said that there were already signs the ECB's announcement of its plans was having a positive effect on financial markets.\u003cbr/\u003e\"We are seeing signs of improved sentiment in financial markets, and we expect the economy to return to growth next year,\" he told those gathered.\u003cbr/\u003eBut he made it clear that he was committed to ensuring that governments did not skip or delay promised economic reforms because of the improvement in market conditions.\u003cbr/\u003eDraghi earlier this month unveiled a plan to buy unlimited amounts of government bonds to help lower borrowing costs for struggling countries if they agreed to take steps to lower their deficits and debts.\u003cbr/\u003eThat move was met with scepticism in Germany and is opposed by the head of the country's influential central bank, the Bundesbank, which is the biggest shareholder in the ECB.\u003cbr/\u003eThe ECB said it would only consider buying countries' bonds if their governments first applied for aid from Europe's bailout funds, which comes with conditions on their spending policies. \u003cbr/\u003eThe German government has signalled its support, but the plans have still generated worries that the purchases could undermine the ECB's official mission of fighting inflation.\u003cbr/\u003eBundesbank President Jens Weidmann said they came too close to using the ECB's power to print money to support governments' finances.\u003cbr/\u003eDraghi tackled those worries head-on, telling his audience that the ECB's governing council had faced a choice of saying \"nein zu allem\" - German for \"no to everything\" - or acting to stabilise market conditions, which was necessary for its monetary policy to function properly.\u003cbr/\u003e\"These new steps are not a departure from our mandate - in fact they are the only way to ensure that we continue to fulfil our mandate,\" Draghi said. \"In the current circumstances the greatest risk to stability is not action, it's inaction.\"\u003cbr/\u003eThe ECB president earlier had a meeting with German Chancellor Angela Merkel, who has supported his new bond-buying plans. \u003cbr/\u003eThe two agreed on Tuesday that governments must remain committed to reforms in order to improve competitiveness and restore credibility, Merkel's spokesman, Steffen Seibert, said in a brief statement.\u003cbr/\u003eMerkel also addressed the conference in Berlin on Tuesday, saying that she expected the solution to the economic crisis would take a long time.\u003cbr/\u003e\"We know it did not come overnight - one can follow very well how it developed, especially in the last ten years since the introduction of the Euro. Therefore, we will need to take a very deep breath to solve this crisis,\" she said.\u003cbr/\u003e1. Wide of European Central Bank (ECB) president Mario Draghi, walking up to podium to address German industrialists\u003cbr/\u003e2. Mid of audience\u003cbr/\u003e3. SOUNDBITE (English) Mario Draghi, President, European Central Bank (ECB):\u003cbr/\u003e\"My firm belief and central message to you today is that, provided all policy makers persevere with the necessary reforms, we have a number of reasons to be positive about where the Euro area is heading. We are seeing signs of improved sentiment in financial markets, and we expect the economy to return to growth next year.\"\u003cbr/\u003e4. Mid of cameraman\u003cbr/\u003e5. SOUNDBITE (English) Mario Draghi, President, European Central Bank (ECB):\u003cbr/\u003e\"However, our measures can only build a bridge towards a more stable future. It must be completed with decisive measures from the governments to address fundamental challenges and complete the Euro area's institutional architecture.\"\u003cbr/\u003e6. Mid of audience\u003cbr/\u003e7. SOUNDBITE (English) Mario Draghi, President, European Central Bank (ECB):\u003cbr/\u003e\"These new steps are not a departure from our mandate. Indeed they are the only way to ensure that we continue to fulfil our mandate. All the measures I have described today are fundamentally about ensuring stability. In the current circumstances the greatest risk to stability is not action. It's inaction.\"\u003cbr/\u003e8. Wide of German Chancellor Angela Merkel addressing conference\u003cbr/\u003e9. SOUNDBITE (German) Angela Merkel, German Chancellor:\u003cbr/\u003e\"As a federal government we are now working towards a solution of this crisis.  We know it did not come overnight - one can follow very well how it developed, especially in the last ten years since the introduction of the Euro. Therefore, we will need to take a very deep breath to solve this crisis.\"\u003cbr/\u003e10. Close of audience\u003cbr/\u003e11. 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